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Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-66. Removal of directors

Current as of January 01, 2025 | Updated by Findlaw Staff

<The Savings Association Code of 1967, 7 P.S. §§ 6020-1 to 6020-254, has been repealed by Act 2013, June 24, P.L. 67, No. 23, §§ 1 to 107, effective in one year [June 24, 2014], but remains in full force and effect as to transactions and proceedings commenced prior to said repeal, pursuant to Act 2013-23, § 109.>

(a) The board may remove a director from office if:

(1) He is adjudicated an incompetent by a court or is convicted of a felony,

(2) He does not within sixty days of his election, or such other time as the bylaws may specify, accept the office in writing or by attendance at a meeting and fulfill other requirements for holding the office,

(3) He fails to attend regular meetings of the board for six successive months or such shorter period as is established by the bylaws without having been excused by the board.

(b) The court of common pleas of the county where the principal place of business of the association is located may in a suit in which the association is a party filed by a majority of the board of directors or by the members holding at least ten percent of the voting rights of the association remove from office a director for fraudulent or dishonest acts or gross abuse of authority or discretion in the affairs of the association and may bar any director so removed from re-election for a period prescribed by the court.

(c) The shareholders may remove a director from office subject to the provisions of the association's bylaws or articles of incorporation.

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-66. Removal of directors - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-7-ps-banks-and-banking/pa-st-sect-7-6020-66/

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